Will I Lose My House if I Get Divorced in New Jersey?
One of the most contested issues involved in a New Jersey divorce is the division of material wealth held by both people involved. When it comes to the division of the house, it should be mentioned that New Jersey maintains an equitable distribution policy which entails that all martial property is to be split equitably between the parties involved.
So the question becomes can you lose your house in a divorce? Keep in mind that there is not clear cut answer to this question, as a significant amount relies on whether or not contributions were made to the property during the course of your marriage by your spouse. Instead, an individual may want to as the question: will the home be considered part of the marital property or not? If not, then the owner of the house before to the marriage will keep the house, but if yes, the house will be considered part of the marital assets, and as such, can be eligible to undergo equitable distribution. Note that this does not mean that you would necessarily lose the house, but instead that you and your Morris County divorce attorney will need to compensate your spouse for the value of the home with other properties.
If you are going through a divorce and have questions or concerns about your home or anything for that matter, it is in your best interest to reach out to our firm today to discuss the specifics of your case and your options. Our skilled Morris County divorce attorneys are on your side.
Who is the titled owner of the house?
Most likely, this will be one of the most critical questions your attorney will ask you when it comes to splitting up marital assets during a divorce. If you owned the property before the marriage but put the name of your spouse on the title, the property will most likely be deemed a jointly-owned asset and subject to equitable distribution.
If the home is only titled in your name, the most important determining factor is the length of the marriage. If the marriage lasted for a very brief time period, it is likely that your spouse would have made little to no contributions towards the maintenance and upkeep of the home, and as a result, the home would not be regarded as marital property. If, however, the marriage lasted for an extended period of time, chances are your spouse will have a case that he or she contributed to the home, and as such the home would be considered marital property.
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If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.